If you’ve been sitting “on the fence” waiting for conditions to improve before you purchase a home, fence sit no more! The Twin Cities housing market offers incredible opportunities for first-time buyers as well as move-up buyers.

In the Twin Cities, we’re seeing lower home prices than in previous years and historically low interest rates. In early July, 30-year fixed-rate loans were available in the low 5 percent range, and 15-year fixed-rate loans in the high 4 percent range. These rates are amazing, especially when you compare them to previous years such as the ‘80s when interest rates were in the double digits. This wonderful combination of low interest rates and moderating prices is resulting in excellent affordability. Home prices are well within the means of the average Minneapolis or St. Paul resident.

The Twin Cities also has an excellent supply of homes for sale in all price ranges, styles, and communities. Buyers can choose from new construction, existing homes, starter homes, luxury properties, condominiums, co-ops, townhomes, and lofts. 

Also, if you’re a first-time home buyer, don’t forget the tax credit authorized by the American Recovery and Reinvestment Act of 2009. Under this act, first-time home buyers can receive a tax credit for 10 percent of the value of a home, up to $8,000. This is a great incentive, especially since you don’t need to repay the tax credit unless you sell your home within three years. But, you only have until Dec. 1, 2009 to take advantage of this credit. 

So, start looking for your next home now. Enjoy our beautiful summer weather and the benefits of the Minnesota housing market.

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To begin your search homes in Edina, visit my website. When you are ready to visit any of these homes, or if you would like to list your home, contact me, Chris Prescott, at (952) 944-1728 or via email.